Diesel cheaper by 63 paise as global oil prices fall

Oil companies have reduced diesel prices by 63 paise per litre (8.33%) since September 2, bringing down its rate to Rs 72.93 on Saturday in Delhi as international crude oil prices softened over 10% during the period because of a rise in the global stockpile and weak demand. Petrol rates have been cut by 22 paise a litre that brought down its retail price to Rs 81.86 in Delhi on Saturday.

The difference in quantum of decline in pump prices of petrol and diesel is mainly because their rates are aligned with respective international benchmarks that often do not move synchronously, two executives working for different state-run oil marketing companies (OMCs) said, requesting anonymity.